Business

Compass profitsto be hit by strong pound

CATERING giant Compass said the strong pound will take a £1.2 billion bite out of its revenues for the year to September 30.

The company, which provides meals for schools, work canteens and major sporting events, expects sterling's strength against most of the key currencies it trades in to have a 6.7 per cent impact compared with 2013 results and to lower operating profits by 7 per cent or £89 million. Excluding the currency impact, Compass forecasts sales growth of 4 per cent, partly due to a strong fourth quarter performance from its US and emerging markets businesses and continued improvement in Europe and Japan.

Across Ireland, Compass employs more than 4,000 staff in 250 units and serves around 100,000 meals a day.